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India re-constitutes accounting standards advisory committee

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23 Sep 2014

By notification dated 19 September 2014, the Indian Ministry of Corporate Affairs (MCA) has re-constituted the National Advisory Committee on Accounting Standards (NACAS), a body reviewing accounting standards prepared by the Institute of Chartered Accountants of India (ICAI) before these are notified by the MCA.

The new Indian Companies Act of 2013 had envisaged a new body, the National Financial Regulatory Auhtority (NFRA), and the NACAS ceased to exist in February 2013. As the NFRA is yet to be notified, there are various drafts of Ind-AS (converged with, but not identical to, IFRSs) developed by the ICAI to keep up-to-date with IFRS developments that await review.

Given that the Indian Minister of Finance proposed in his budget speech in July 2014 that Indian companies apply Ind AS from 2016-2017 financial years, with voluntary adoption permitted from a year earlier, the re-constitution of NACAS to resume reviewing Ind AS so that they can be notified by the MCA seems to bear some significance.

The NACAS is currently reconstituted for one year or until the NFRA has been notified if that should happen earlier. Please click for the notification on the MCA website.

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